UYG: H&S Top Possibility

(Click On Chart To Enlarge)

From yesterday afternoon:

"The target line (#6), if the pattern completes, is down around $20."

The Wolfe Wave target near $20 MADE in after hours on AXP's earnings disappointment.

Sometimes Bearish Rising Wedges/Bearish Wolfe Waves "morph," or change, into a Bearish H&S Top. If that's the case here, the Wave #5 upside fakeout/breakout becomes the "Head" of the pattern, and the neckline is 20.15 and 20.21.

Measuring the height of the pattern from where the neckline was when the Head was put in, then subtracting that amount from where the neckline breaks puts a downside target of roughly 18.76 IN PLAY. A .382 fibonacci retracement of the rally from 14.08 to 21.63 is 18.75, right at the target.

19.52-19.54 is horizontal support which I would expect to get tested, at a minimum.